Business

Earlier this summer, Tezos smashed existing sales records in the white-hot IPO market after the company’s pitch to build a better blockchain for cryptocurrencies made it one of the buzziest ICOs in the world. As we noted at the time, the company capitalized on that buzz by courting VC firms and other institutional investors with a $50 million token pre-sale. After the company opened up selling to the broader public, demand soared as investors greedily bought up tokens in spite of glitches that threatened to derail the sale early on.

Authored by Charles Hugh Smith via OfTwoMinds blog,

Here's a chart of our fabulous always-higher GDP, adjusted for another bogus metric, official inflation.

The theme this week is The Rot Within.

From the Slope of Hope: One of the hottest, most widely-anticipated IPOs in years took place in March of this year - - Snap, Inc., which is, of course, the owner of the Snap app (although they insistently refer to themselves as "a camera company".) Perhaps another mission statement is in order, however, as they appeared to have now expanded to..........Halloween costumes.

By Robert Shiller, first published in the NYT

Oct. 19, 1987, was one of the worst days in stock market history. Thirty years later, it would be comforting to believe it couldn’t happen again.

Back in mid-July, BofA's chief investment strategist Michael Hartnett predicted that the "most dangerous moment for market will come in 3 or 4 months." Well, we are now "between 3 and 4" months since the forecast fate and the most dangerous moment we have experienced since then, ironically, is today's modest selloff on the 30 year anniversary of Black Monday. So looking back at his forecast, has Hartnett thrown in the towel on calls for a correction, and joined all the other BTFDers?